WASHINGTON, April 2, 2020 – The World Bank Board of Executive Directors approved today a $5 million credit from the International Development Association (IDA)* to support the Archipelago of Cabo Verde in strengthening its preparedness and response to the COVID-19 pandemic. The COVID Emergency Response Project will enhance the National COVID-19 Preparedness Plan developed by the government and focus on scaling-up and strengthening all aspects of prevention, preparedness and response. It will define priorities for central and decentralized levels and identify roles and responsibilities for a rapid intervention technical team (Equipa Técnica de Intervenção Rápida, ETNIR).
“The COVID Emergency Response Project is an essential operation which is seeking to prevent the spread of the pandemic by procuring essential medical equipment and materials for the people of Cabo Verde. As a small island economy dependent on tourism, services and remittances, the country is determined to limit the health impacts given the expected social and economic impacts, with job losses and decline in growth prospects,” said Fatou Fall, World Bank Resident Representative.
The World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery. The immediate response includes financing, policy advice and technical assistance to help countries cope with the health and economic impacts of the pandemic. The IFC is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial $6 billion available for the health-response. As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.
* The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 76 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.6 billion people who live in IDA countries. Since 1960, IDA has supported development work in 113 countries. Annual commitments have averaged about $21 billion over the last three years, with about 61 percent going to Africa